Mortgage Calculator (Free Monthly Repayment Calculator)
Use this free mortgage calculator to estimate your monthly repayments, total interest and the full cost of your home loan. Enter your property price, deposit, interest rate and loan term for an instant breakdown. See how extra payments could save you thousands.
Mortgage Calculator
📋 Yearly Repayment Schedule
| Year | Principal | Interest | Balance |
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How to Use the Mortgage Calculator
Enter your property price, deposit amount, annual interest rate and loan term. Optionally add an extra monthly payment to see how much interest you could save. Click Calculate for your full mortgage breakdown including a yearly repayment schedule.
How Mortgage Payments Are Calculated
Your monthly mortgage payment is calculated using the amortisation formula. Each payment covers both interest on the remaining balance and a portion of the principal. In early years most of your payment goes toward interest — over time more goes toward reducing the loan.
Formula: M = P × [r(1+r)^n] / [(1+r)^n−1]
Where P = loan amount, r = monthly interest rate, n = total number of payments
How Much Deposit Do You Need?
Most lenders require a minimum deposit of 5–20% of the property price. A larger deposit means a smaller loan, lower monthly payments and less total interest. A deposit of 20% or more typically gives access to better interest rates.
Should You Make Extra Repayments?
Yes — extra repayments are one of the best financial decisions you can make. Even $100-200 extra per month can save tens of thousands in interest and cut years off your loan term. Use the extra payment field above to see exactly how much you’d save.
FAQs
How much can I borrow for a mortgage?
Most lenders will lend up to 4-5 times your annual income, though this varies by country and lender. Your deposit size, credit score and existing debts also affect how much you can borrow.
What is the difference between principal and interest?
Principal is the amount you borrowed. Interest is what the lender charges for the loan. Early mortgage payments are mostly interest — as the balance reduces, more of each payment goes toward principal.
What happens if interest rates rise?
If you’re on a variable rate mortgage your monthly payments will increase when rates rise. Use this calculator to test different interest rate scenarios and see how your payments would change.
Is a 15 year or 30 year mortgage better?
A 15 year mortgage has higher monthly payments but significantly less total interest. A 30 year mortgage is more affordable monthly but costs much more overall. Use the loan term dropdown to compare both scenarios.
What is an offset mortgage?
An offset mortgage links your savings account to your mortgage. Your savings balance reduces the amount you pay interest on. This calculator does not currently account for offset arrangements.
Is this calculator free?
Yes, completely free with no sign-up needed.